WorksheetsEconomics Basics Quiz
Total questions: 20
Worksheet time: 10mins
What is the basic problem that economics tries to solve?
How to increase unlimited resources
How to reduce people's wants
How to satisfy wants with limited resources
How to avoid spending money
What does it mean when someone says they "can't afford" something in economic terms?
They don’t want it
They don’t know how to buy it
Their wants are greater than their income
The item is unavailable
Which of the following best defines a 'want'?
A necessary good for survival
Something people desire to have
A type of natural resource
A government-funded service
A haircut is best classified as which of the following?
A want
A good
A capital
A service
What distinguishes a good from a service?
Goods can be consumed, services cannot
Goods can be stored, services cannot
Goods are physical, services are actions
Goods are cheaper than services
Which of the following is an example of a capital resource?
A tree
A bank loan
A gardener
A river
What type of resource is a worker in a video game company?
Capital
Labour
Natural
Want
What does the concept of scarcity refer to?
Too much money chasing too few goods
A lack of knowledge about resources
Limited resources vs unlimited wants
When goods are too expensive to buy
Which of the following is NOT one of the three basic economic questions?
What should be produced?
Where should it be sold?
How will it be produced?
Who will use it?
Why do countries need to make economic decisions?
Because of limited laws
Because of inflation
Because of scarcity of resources
Because citizens demand it
What is an example of a natural resource?
A school
A mountain
A teacher
A bank loan
Why might a country have to choose between military spending and education?
Because it has too many workers
Because it has limited resources
Because education is not valuable
Because the military owns the budget
Which of the following helps a business answer 'who will use the product'?
Deciding where to locate the factory
Hiring more workers
Studying the market
Gathering raw materials
What economic activity is involved when a company uses computers to design a game?
Consumption
Distribution
Capital use
Natural production
A decision to go to the movies instead of buying a book is an example of:
Specialisation
Scarcity
Opportunity cost
Profit maximisation
What is likely to happen when many items are on sale?
Demand goes down
Supply is restricted
Demand increases
Wants become limited
Which of these best describes the consumption of goods and services?
The creation of products
The use of goods/services to satisfy wants
The investment in resources
The selling of products abroad
What does the phrase 'limited supply of money' reflect in economics?
The law of supply
The need for saving
The idea of scarcity
The value of trade
Which of the following is a true economic decision?
Deciding which colour to paint your wall
Choosing to walk instead of drive
Picking between a phone or headphones with limited funds
Changing your social media app
Why do economists study production, distribution, and consumption?
To control population
To understand how economic choices affect society
To limit people's spending
To predict inflation accurately
